12 Limetrees Close in Middlesbrough has a starting bid of £750 (iam-sold.co.uk)

A three-bedroom house in Middlesbrough may become the UK's cheapest house, with the property being sold at auction for a starting bid of £750.

The semi-detached house, 12 Limetrees Close in Stockton-on-Tees, has a total floor area of 63 sq m. Another house on the same street has been the subject of vandalism, arson and anti-social behaviour over the last few years. This house is available for a starting price of £1,000.

Estate agent Richard Watson suggested they would consider a "buy one get one free" offer.

The Great North Property Auction will take place today at the Ramside Hall Hotel, County Durham. A statement from the auctioneers said: "Semi detached properties on this street have previously sold for in excess of £50,000 so both lots represent a fantastic investment opportunity."

The auction house notes that similar properties in the area are currently renting for £95 per week. The house has an entrance hall, lounge, dining kitchen, a family bathroom and three bedrooms. It has gardens to both the front and rear.

Robinsons Auctions said: "This property is for sale by the modern method of auction also known as a 'conditional auction'. This process is similar to a normal property purchase but on acceptance of an offer the purchaser will pay a non-refundable reservation fee to secure the property.

"The buyer then has 28 days to exchange contracts and a further 28 days to complete the purchase. Please note this property is subject to an undisclosed reserve price."

The auction also has two properties starting at £9,950. The most expensive house in the sale is a three-bedroom semi-detached house in Whitby, which has a starting bid of £184,950.

In March, a house in Ferryhill, County Durham, had a starting bid of £501. It eventually sold for £8,250. Jamie Cook, director of iam-sold, which managed the sale, said he thinks this was the cheapest house in Britain.

"We have sold this property for the lowest amount I can remember. It could be a lovely family home for a first-time buyer, but it needs a lot of work and the price reflected that."